If you have not updated your estate plan in the past few weeks or months, it may already be out of date. Many of the safeguards and tax-saving measures you put into place as a part of your estate plan may no longer be needed due to the extensive tax law changes -- the Tax Cuts and Jobs Act (TCJA) -- that came into effect on Jan. 1.
How will you pay for your long-term care?
Regardless of your age, you may have some concerns about needing long-term care assistance at some point in the future. It is never too soon to start planning for the future, but it can be too late.
Medicaid planning: Understand the basics
As people live longer, it's becoming increasingly common for families to struggle with Medicaid's rules regarding assets when a spouse or parent has to go into a nursing home.
Why should I have a power of attorney?
Many people put off creating a will or estate plan until late in life. After all, few people who are healthy and young want to consider their own deaths. However, there's no way to predict when a sudden, debilitating medical event like a stroke could strike. Car accidents, falls and other injuries can also leave you incapacitated and unable to communicate your desires to family or medical professionals.
What you don't know about estate planning can hurt you
Do you know what you would do if you were to suddenly become single? Whether due to death or divorce, are you prepared to take over all of the financial aspects of your life should you need to?
Do you need long-term care insurance?
The answer is that everyone should do long-term health care planning, but long-term care insurance is debatable. According to Colorado State University, 70 percent of people 65 or older will need some type of long-term care. It may be home care, adult daycare, assisted living care or nursing home care.
Estate planning allows you to rest easy
There are a lot of good reasons to do estate planning. Unfortunately, many people put it off until tomorrow. But can we ever be sure we will have a tomorrow? Life is unpredictable. That is why estate planning is one of the best things you can do for yourself if you want to rest easy and have peace of mind.
Michael Jackson's estate may get lucky break with taxes
Estate administrators take notice: It doesn't matter if you're handling the assets of a virtually anonymous citizen or that of a celebrity like Michael Jackson, the government wants its cut.
Fighting family strife with an estate plan
The Tolstoy adage "Every unhappy family is unhappy in its own way" is not one you wish to have applied to your family if you can help it. If you have children who are estranged from each other or are unwilling or incapable of communicating with each other, your decisions in your estate plan may cause more grief than relief.
How much do you know about Colorado wills?
Each state has its own statutes and requirements for wills. It pays to know your state's requirements, or you can utilize the expertise of a Colorado estate attorney when drawing up your last will and testament. An illegitimate will could end up in probate court despite your best efforts.
Senior eligibility for Medicaid
Medicaid is a health insurance program for individuals based on financial eligibility. The program is funded by both the federal and state governments. Medicaid health care is attractive to seniors because it pays for long-term health care, whereas Medicare does not.
What's On Your 2018 New Year's Resolution List?
Setting up your estate planning documents is not a "one-and-done" event. Even if you are not the type to make New Year's resolutions, you probably still have a "To Do" list for the year. If a review of your existing estate plan is not on that list, it should be.
